Funding arb · Price arb /

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 01:00 UTC+0.0510%/8h= +55.8% APRpaid last 24h +0.055%

Price spread now: Hyperliquid against SunX−0.050%7-day average — · you buy dearer than you sell

to open and closeno order booka leg has no order-book sample

Long on SunX Short on Hyperliquid

What this pair did over the last

the charts below follow

Funding, last 5 days (all we have)—no history yet

Price spread, last 7 days—no price history on both exchanges yet

Together, before fees—+ Points / potential airdropHyperliquid: Season 2 · farm boardneeds both histories

Funding pays, the price is against you. Hyperliquid is 0.050% cheaper against SunX than usual: you would sell low and buy high (spread −0.050% now, against zero (this spread has no 7-day history yet)). If the spread goes back, that is −$5 on $10k: about 8 hours of funding at the current rate (+$15 a day).

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	SunX SHIB-USDT	0.000006027	0.0100	pay 0.0100% / 8h	7h 44m	$2K	$24K	20x
Short	Hyperliquid kSHIB	0.000006024	0.0610	get 0.0076% / 1h	44m 18s	$4.4M	$4.0M	10x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Hyperliquid against SunX. Falling: the short leg gains. Rising: it loses.

latest

Price spreadloading…

Funding on every exchange

click an exchange to add or hide it

latest

How often the price spread is this wide · share of time at each level, last 7D show

Profit calculator

Position, each leg$Hold fordaysFee SunXbpFee HyperliquidbpOrdersPrice spread, now −0.050%Rate

Funding earned: $107.05
Price spread: −0.050% → 0.000%: −$4.98
Slippage, 4 orders: no order book: not counted
Fee SunX: 4 bp × 2 orders: −$8
Fee Hyperliquid: 4.5 bp × 2 orders: −$9
Net: $85.08
Costs to cover: 0.170%
Break-even: 1.4 days

Slippage unknown: SunX: no order-book sample; Hyperliquid: live order book, 7 min ago. Net counts fees only.

Cost to enter

taker fee + slippage from the mid, one side; closing costs about the same again

Leg	Half-spread	$10k	$100k	$1M	$5M
Buy SunX no order-book sample	—	—	—	—	—
Sell Hyperliquid live order book, 7 min ago	0.83 bp	8.6 bp −$9	15.6 bp −$156	doesn't fit	doesn't fit

SunX: no order-book sample. Either the market is below $100k of open interest and volume (not sampled), or the venue executes at an oracle price and its slippage is not modeled here: see the venue's docs.

SHIB on 29 venues

lowest funding first. Swap a leg: a good short leg pays more funding and is priced higher.

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
dYdX SHIB-USD	0.0000%	1h	0.000006021	−0.100%	$23K	$64K	10x	as long as short
Kalshi KXKSHIBPERP	0.0000%	8h	0.000006019	−0.134%	$92K	$2.0M	2x	as long as short
Deribit 1000SHIB_USDC-PERPETUAL	0.0000%	1h	0.000006016	−0.183%	$46K	$65K	25x	as long as short
gTrade (Gains Network) SHIB/USD	L +0.0006% / S −0.0001%	1h	0.000006016	−0.183%	$732	—	150x	as long as short
Injective SHIB/USDC PERP	+0.0033%	1h	0.000006040	+0.216%	$248	$134K	5.5x	as long as short
Coinbase International 1000SHIB-PERP-INTX	+0.0064%	1h	0.000006011	−0.265%	$76K	$766K	50x	as long as short
BingX 1000SHIB-USDT	+0.0080%	8h	0.000006014	−0.216%	—	$2.1M	—	as long as short
Lighter 1000SHIB	+0.0096%	1h	0.000006020	−0.116%	$197K	$402K	10x	as long as short
Aster 1000SHIBUSDT	+0.0100%	8h	0.000006015	−0.202%	$36K	$180K	50x	as long as short
Pacifica kSHIB	+0.0100%	1h	0.000006020	−0.116%	$12K	$4K	10x	as long as short

Show all 29 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Binance 1000SHIBUSDT	+0.0100%	8h	0.000006018	−0.149%	$29.3M	$97.2M	75x	as long as short
OKX SHIB-USDT-SWAP	+0.0100%	8h	0.000006017	−0.166%	$8.7M	$33.0M	50x	as long as short
Gate SHIB_USDT	+0.0100%	8h	0.000006013	−0.232%	$6.9M	$5.5M	75x	as long as short
MEXC SHIB_USDT	+0.0100%	8h	0.000006014	−0.216%	$31.1M	$16.7M	300x	as long as short
KuCoin SHIBUSDTM	+0.0100%	8h	0.000006016	−0.183%	$4.9M	$2.6M	75x	as long as short
Bitget SHIBUSDT	+0.0100%	8h	0.000006015	−0.199%	$11.5M	$13.6M	75x	as long as short
Backpack kSHIB_USDC_PERP	+0.0100%	1h	0.000006026	−0.017%	$25K	$6K	15x	as long as short
Orderly PERP_1000SHIB_USDC	+0.0100%	8h	0.000006017	−0.166%	$7K	$4K	20x	as long as short
SunX SHIB-USDTlong	+0.0100%	8h	0.000006027	long leg	$2K	$24K	20x
SoDEX 1000SHIB-USD	+0.0100%	1h	0.000006017	−0.166%	$552	$5K	10x	as long as short
HTX SHIB-USDT	+0.0100%	8h	0.000006019	−0.133%	$411K	$593K	75x	as long as short
Extended 1000SHIB-USD	+0.0104%	1h	0.000006015	−0.199%	$54K	$4K	25x	as long as short
Paradex kSHIB-USD-PERP	+0.0105%	8h	0.000006020	−0.109%	$7K	—	20x	as long as short
GMX SHIB/USD [ETH-USDC]	L +0.0213% / S −0.2404%	1h	0.000006000	−0.448%	$1K	—	100x	as long as short
BloFin SHIB-USDT	+0.0220%	8h	0.000006019	−0.133%	$806K	$938K	50x	as long as short
Kraken Futures PF_SHIBUSD	+0.0261%	1h	0.000006018	−0.153%	$1.1M	$815K	50x	as long as short
Reya kSHIBRUSDPERP	+0.0323%	1h	0.000006013	−0.227%	$1	—	20x	as long as short
Phemex u1000SHIBUSDT	+0.0388%	8h	0.000006016	−0.183%	$2.1M	$6.2M	50x	as long as short
Hyperliquid kSHIBshort	+0.0610%	1h	0.000006024	−0.050%	$4.4M	$4.0M	10x